Our latest addition to the Porter & Co. Distressed Investing portfolio is a bond that is secured by the assets of the largest owner of radio stations in the United States. It’s trading at a 17% discount to its $1,000 face value.
Patrick didn’t set out to revolutionize an industry.
He just wanted to build houses.
During the roaring housing mania of 2005, the business he was building was a tiny fish swimming in a giant pond. He was trying to find empty lots to build new homes on. But land was scarce, and expensive. His competitors were multi-billion-dollar corporations, and they were scooping up property like marbles on the sidewalk.
Below, you’ll find the latest market and portfolio update from our Director of Distressed Investing, Martin Fridson. We’ll release an update two weeks after each monthly issue. (Martin will also include his trademark short introductory poem.)
Today’s issue will be the first market and portfolio update from our Director of Distressed Investing, Martin Fridson.